Quaint Oak Bank Selects Finzly to Modernize Payments and Enable its Embedded Banking Practice

Finzly, the pioneering provider of modern payments systems for financial institutions, announces that Quaint Oak Bank has selected it to modernize its payments infrastructure, providing a superior user experience and enabling them to grow their international and embedded banking businesses.

Quaint Oak is an established financial institution with a relationship-focused approach to business banking. Intent on tailoring its product line to each customer’s needs and goals, Quaint Oak offers innovative solutions that provide commercial customers with a strategic advantage. The future focus of their newest chapter is working with Finzly to modernize its payments services, supporting customer needs, and emerging business lines such as embedded finance.

Quaint Oak is simplifying its customers’ payment experience by consolidating ACH and domestic and international wire transactions onto Finzly’s Payments GalaxyTM, a modern cloud-native platform that makes payment processing easier and faster by centrally processing all payment rails.

The bank will use Finzly’s multicurrency deposit accounts to allow international respondent banks to transact in multiple currencies with instant FX settlement. The new service will make international banking more convenient by enabling international payments in domestic currency.

Using Finzly Connect APIs, Quaint Oak will enable the embedded banking model for fintech partners and respondent institutions to connect their payments infrastructure. It also supports the growing field of embedded payments, a new area expected to grow to a $183B business globally by 2027, according to Juniper Research.

Quaint Oak decided to add these features through a “sidecar core” strategy that enables them to realize the benefits of modern technology through a real-time API connection to their existing core. Quaint Oak’s API-first approach, powered by Finzly’s platform, streamlines operations, optimizing costs while enhancing operational efficiency.

William Gonzalez, EVP and COO of Quaint Oak Bank emphasized the significance of their partnership with Finzly, stating, “We found a true partner in Finzly to help us innovate on our terms. Finzly’s platform surpasses other market offerings, enabling us to address our innovation priorities in payment modernization and embedded banking seamlessly through a single platform.”

Booshan Rengachari, Founder and CEO of Finzly, expressed enthusiasm about the collaboration, stating, “We are thrilled to provide Quaint Oak Bank with a comprehensive platform that supports their innovation goals. Their forward-thinking approach to payments will undoubtedly position them well for the future.”